Toyota Shrugs of Earthquake, Stock Up 1.4%
The Japanese (NYSE:EWZ) auto industry shows some signs of recovery as Toyota (NYSE:TM), Suzuki, and Mazda all report increased auto production this month. Toyota leads the way reporting a 12% Y/Y increase in August. August marks the first positive month since the March 11 earthquake and resulting tsunami.
“The August gains mark the latest step in the industry’s steady efforts to restore domestic production to pre-quake levels, but executives continue to warn that the strong yen could undermine a recovery of the export-dependent industry,” reports the Wall Street Journal.
However, Nissan and Honda (NYSE:HMC) both reported a decline in domestic output in August, with Honda’s output falling 17% while Nissan’s fell 2.5%.
Toyota’s stock is up 1.4% to $69.76 in the news. Shares are down 4.25% in the past 52 weeks. The stock has traded in a 52-week range between $66.34 and $93.90.